I moved it to the OPTION EXPLICIT to the top of the page and it works fine (except for me not having your com object installed, of course)

Code:
<%@Language=VBScript%>
<% Option Explicit %>
<html><head><title>Telephone Object Example</title></head>
<body>
<%  
  
  Dim objTelephone
  set objTelephone = Server.CreateObject("MyTelephone.Telephone")
  
  objTelephone.Color = "Blue"
  objTelephone.Material = "Thermoplastic"
  objTelephone.Weight = 22
  objTelephone.NumberOfKeys = 12
  
  Response.Write "Done"
  Set objTelephone = Nothing
%>
</body>
</html>